Americans are rapidly working on side hustles as an additional source of income.
Fifty-four percent of Americans have begun a side hustle in the last twelve months, according to MarketWatch, as a means of making more money in addition to a primary source of income.
All you really need to start a side hustle is an idea and an understanding of how to execute that idea. Taking a creative approach to your entrepreneurship can include a hobby-like business, and one of the more popular ones today is candle making.
Whether you have made a candle before or not, through trial and error, there are simple tricks to producing a product that is unique from what else is on the market.
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You can make candles in your own home pretty easily. Here's a guide to get you started on your candle business.
The first step to starting your business is learning how to make candles. You'll need minimal supplies to get you started, including containers for your candles, wax, wicks and fragrance.
It will take trial and error to perfect the look of your candle, the wick placement and the amount of fragrance you need for the perfect scent. If you want to add color to your candle, you'll also need to purchase dye.
At first, the top of your candle may not appear totally smooth, your wick may be crooked, or you may not have enough fragrance for the scent.
All the candles you make during your trial and error period can be gifts for friends and family because they probably won't be good enough to sell.
You could also buy wax molds to add uniqueness to your candles.
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Once you have made numerous candles with success, you're ready to move to step two.
You will need a unique brand name and logo for your business and a label for your candles.
Your brand name should be something unique and memorable. You'll also want to create a logo for your business and a label to put on each of your candles.
On each candle should be your brand name/logo as well as information about the candle itself, like the scent, instructions and safety information.
All businesses start out with a plan.
A business plan is a document that describes the company and also highlights its goals.
In a business plan, you can include elements like the mission statement, the products offered, the target audience of the company, marketing plans and financial information.
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Your business plan is by no means set in stone. As your company grows and changes, your plan will, too. You can always make edits to your business plan when needed.
To run a business, you'll need to register it. The process varies depending on your state, so you'll need to look into the legal requirements where you live to avoid getting fined or having your business shut down.
Once your business is registered, you'll receive an Employer Identification Number (EIN). This number is given to businesses for tax purposes.
Also, make sure you obtain any necessary business licenses or permits in the state to legally operate your business.
You'll want to have all these legal steps taken care of before you start selling candles.
Now, it's time to officially launch your business.
You will need to determine a price for your candles. According to Forbes, you'll want to aim for a 25% to 50% profit margin, so keep that in mind when you are considering how much to charge.
You should create a website for your business with your contact information for customers to reach out to you. You can also sell your candles through your own website.
Another way to sell is through an online marketplace like Etsy.
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It's also a good idea to start social media channels for your business. Include high-quality pictures of your product on these channels.
Social media is not only a great way to market your business, but another way you can sell your candles.
During the warmer months, consider buying a booth at a local craft fair to sell your products. This is a great way to spend some time outside while also speaking directly with customers.
